CySEC suspends Sharelink

The Cyprus Securities and Exchange Commission announced that it has suspended the authorisation of ‘Sharelink Securities and Financial Services Ltd’ as there are suspicions for an alleged violation of safeguarding of clients’ financial assets, organization requirements, continuous obligations, conflicts of interest and conduct of business obligations when providing services to clients.
The above Commission’s suspicions result from complaints made by the Company and its clients to the Commission as well as from the investigation conducted at the Company’s offices on 26 January 2009.
The said decision was taken as the above possible violations seriously endanger the clients’ interests of the Company and the smooth operation of the capital market.
The Commission, as a first step, exercising its authority pursuant to section 26(3) of the Law, postpones the authorisation of the Company for the period of 15 days, until 14 February 2009. During this period, it is expected that the Company will comply with the above provisions of the Law.